April 29, 2024 07:04 GMT
Watching Support At The 50-Day EMA
USDCAD TECHS
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3855 High Nov 10 2023
- RES 2: 1.3804/46 High Apr 19 / 16
- RES 1: 1.3763 High Apr 22
- PRICE: 1.3658 @ 08:00 BST Apr 29
- SUP 1: 1.3632 Intraday low
- SUP 2: 1.3607 50-day EMA
- SUP 3: 1.3547 Low Apr 9
- SUP 4: 1.3478 Low Apr 4
USDCAD is trading closer to last week’s low. A bullish trend condition remains intact and the most recent pullback appears to be a correction - for now. The pair has recently cleared resistance at 1.3614, the Mar 19, 22, 25 and 29 highs. This opens 1.3855 next, the Nov 10 ‘23 high. Note that moving average studies remain in a bull-mode position, highlighting a clear rising trend. Key support to watch lies at the 50-day EMA, at 1.3607.
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